New Home Prices Rise in Augusta According to Latest Figures, Sales Decrease
Posted on: Mar 06, 2014 07:02:40 AM
Closings of new homes fell year-over-year in December in the Augusta, GA market, and the percentage decline was more severe than November 2013, indicating the market may be worsening. New home closings saw a 20.1% decline from a year earlier to 119. This came after a 6.0% decline year-over-year in November.
A total of 1,611 new homes were sold during the 12 months that ended in December, down from 1,641 for the year that ended in November.
Out of all housing closings, new home closings represented 16.7%. This is down from the 22.7% of closings a year earlier. Following a decline in November year-over-year, closings of new and existing homes climbed year-over-year in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 2.3% bump year-over-year as it grew to $228,225 per unit. This hike is smaller than the 9.6% surge in November year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In December 2013, the average mortgage size was $214,685, up 5.4% from a year earlier. In November 2013, average mortgage size increased 7.7% from a year earlier.